Private equity groups: EU state aid rules could block coronavirus loans April 27, 2020 Private equity firms are increasingly concerned that viable but highly-indebted or loss-making British firms, potentially including high-street names, will be ruled out of coronavirus business loan schemes due to European Union state aid rules. European lobbying groups representing the industry are set to write to the EU this week to try to ensure such firms [...]
Deutsche Bank might temporarily miss capital target as impact of coronavirus hits April 27, 2020 Deutsche Bank announced first-quarter results were above market expectations, but warned it might temporarily miss its capital requirement target in light of the coronavirus crisis. In an unscheduled update on Sunday, the German lender said it expects to report group profit before tax of €206m (£179.6m)and net income of €66m (£57.54m). Revenue is expected to [...]
UK coronavirus business loan scheme approval rate half of Germany’s April 27, 2020 The UK’s coronavirus business loan scheme has half the approval rate of its German equivalent, data has shown, as chancellor Rishi Sunak mulls the creation of a new programme targeted at the country’s smallest businesses. The latest figures from banking body UK Finance showed on Thursday that 16,600 firms had received loans worth a total [...]
BoE boss Andrew Bailey: Bank keeping ‘eyes open’ ahead of next meeting April 26, 2020 Bank of England governor Andrew Bailey has said Threadneedle Street is keeping its “eyes open” for risks to the economy or financial system ahead of its next scheduled interest rate decision on 7 May. Bailey also highlighted the huge amount of uncertainty the UK economy still faces. “No one can be sure exactly how the [...]
ISS recommends re-election of Barclays boss Staley in further blow to Sherborne April 24, 2020 ISS has joined Glass Lewis in recommending Barclays shareholders vote to re-elect chief executive Jes Staley, in another blow to Edward Bramson’s vehicle Sherborne Investments. The Barclays boss has faced pressure from Bramson and Sherborne Investments over his relationship with convicted sex offender Jeffrey Epstein. The Financial Conduct Authority (FCA) and Prudential Regulation Authority are [...]
CBILS application process ‘soul destroying’, says director of film industry business April 23, 2020 The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said. Diane Nyiry of Devon-based Cine Power International told City PM: “I have been shocked at the way the banks have been behaving, they haven’t been very [...]
Blackmore Bond topples into administration owing £45m April 23, 2020 Mini-bond investment firm Blackmore Bond has collapsed into administration. The joint administrators, Geoff Bouchier and Benjamin Wiles of Duff & Phelps, were appointed yesterday. Blackmore was founded in Manchester in 2016. It issued mini-bonds to retail investors with a minimum investment of £5,000. The company used the money to invest in a portfolio of property [...]
Credit Suisse posts surge in profit but warns on coronavirus loss April 23, 2020 Credit Suisse today posted a sharp rise in profit for the first quarter but warned of potential loan losses caused by the coronavirus crisis. The bank reported a 13 per cent rise in pre-tax profit of 1.2bn Swiss francs (£1bn) in the first three months of the year, while net profit surged 75 per cent [...]
Monzo applies for US banking licence in bid to tap giant market April 22, 2020 UK challenger bank Monzo has applied for a US banking licence so it can offer a full suite of services in the world’s biggest financial market. The fintech firm, known for its pink “hot coral” cards and sleek app, applied to the US authorities for a licence on Monday in the most important step in [...]
Coronavirus: Banks team up with mobile industry to tackle text scams April 22, 2020 The UK’s banking and mobile industries have partnered with spy chiefs to crack down on text message scams linked to the Covid-19 crisis. The new campaign is aimed at tackling so-called spoofing techniques, where cyber criminals mimic legitimate businesses or organisations to trick unsuspecting victims into handing over sensitive information. Many scammers have attempted to [...]
